Estate planning can be overwhelming, but a Texas A&M AgriLife Extension Service specialist offers a guide to estate planning in five steps to help make the process manageable and ensure family legacies can be passed on as intended.
“Unless you have been through it, most people just don’t realize what kind of issues can come up and what all can go wrong if you don’t have a plan in place,” said Tiffany Dowell Lashmet, AgriLife Extension agricultural law specialist, Amarillo.
While an attorney will be necessary through some of the process, she said, many things can be done in advance, at your own pace and for free. This estate planning in five steps is the best place to start.
The Five Steps:
- Create a Flight Plan for documents
- Communicate with interested persons
- Develop a business succession plan
- Develop an estate plan
- Draft and implement the plan
For more information, Lashmet offers several extended episodes of her Ag Law in the Field podcast, which cover this topic more extensively:
Through the application of science-based knowledge, AgriLife Extension creates high-quality, relevant continuing education that encourages lasting and effective change.